SINGAPORE / RankWire.AI / – Brent crude maintained levels above $100 a barrel on Friday as ongoing supply disruptions continue to tighten the global oil market. By 0555 GMT, Brent futures traded at $105.62 a barrel, representing a 1.9% decrease from the previous close. U.S. West Texas Intermediate crude dropped 1.4%, settling at $101.10 a barrel. Despite the intraday decline, both benchmarks remained significantly higher for the week. Oil prices have increased as disruptions have curtailed crude supplies from key Middle Eastern producers.
In the week, Brent and WTI prices surged nearly 13%, buoyed by strong gains earlier in the session. Brent finished Thursday at $107.63 a barrel after climbing more than 6%. WTI closed at $102.48 on the same day. The weekly rise has pushed both benchmarks well above levels seen in early August. Brent is also on track to conclude the week above $100 for the first time since mid-May, highlighting the recent magnitude of gains across crude markets.
Supply disruptions across the Gulf region have remained a central factor influencing oil trading this week. Interruptions to shipping routes and energy infrastructure have decreased normal crude flow from the area. The Strait of Hormuz continues to be a crucial passage for oil and fuel exports from Gulf producers, yet traffic through this waterway has stayed below pre-conflict levels. As a result, the diminished flow of crude has tightened physical supplies, coinciding with a significant drop in global inventories.
Supply disruptions continue to impact crude availability
The International Energy Agency reported that 8.3 million barrels per day of Gulf production remained offline in July. During the same period, global oil inventories fell by 69 million barrels, bringing stocks approximately 410 million barrels below levels at the conflict’s onset. The agency anticipates a global oil supply decline of an average 4.3 million barrels per day in 2026. In response to the energy supply disruptions, governments have also authorized the release of emergency oil reserves.
On September 6, OPEC+ producers agreed to maintain their September production quotas for October. This decision involved Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. No additional output increase was announced for the month. The choice reflected ongoing constraints in physical supplies from the Gulf and sustained high crude prices. Production levels from major exporters continue to be vital for the global supply balance, while barrels outside normal trading channels remain disrupted.
Price levels stay high after a week of sharp gains
Following a series of robust sessions, crude prices have remained elevated. During Asian trading, Brent approached $110 a barrel before retreating later. WTI also stayed above $100 after surpassing that threshold on Thursday. These increases have extended into the petroleum market, where tighter crude supplies have supported higher prices for fuels and other refined products. Consequently, energy costs across sectors such as transportation and manufacturing have remained high.
Throughout much of August, Brent traded below $100 before surpassing that level this week. Friday’s decline reduced part of the recent upward movement but left both main benchmarks above critical price points. The market continues to focus on confirmed supply losses, restricted shipping access, and lower inventories globally. These factors have driven the recent surge in crude prices and kept Brent firmly above $100 as the week draws to a close.